Bulls have a setback
The bulls will bounce back at the magic 10000 USD mark on Monday. The following dump pushes the No.1 crypto currency down a whopping 400 USD. In the meantime, the Altcoins are able to win back important market shares. We take a look at the current market situation.
The meaning of the magic boundary
The USD 10000 mark is an important psychological barrier. Crossing it could make mainstream headlines and attract new investors to the “digital gold”. A week after the halving, such news could explode. Already now, the No.1 crypto currency is one of the most successful assets in 2020. After the harsh “corona dump”, the crypto space benefited from the high volatility. In just a few weeks, most crypto-currencies managed a respectable recovery.
Bitcoin turns around
When testing the USD 10000 mark, the bulls were initially pushed back on Monday. At around 9960 USD, the BTC reached an early daily high. Subsequently, the price dipped to a value of around 9583 USD. Now the well-known resistance at 9600 USD is once again moving into the focus of investors. The 24-hour volume has risen by around USD 5 billion compared to the previous day and at the time of writing is just under USD 45 billion.
What is Wall Street doing?
The rebound at the USD 10000 mark could turn out to be a short-term snapshot if Wall Street makes a good start to the new week. The DAX already caught a strong opening with a price gain of around 3.5%. Last week we could observe how the BTC, after the halving event, managed to isolate itself from the weakening markets. Nevertheless, many analysts still expect a high correlation to the traditional stock indices, as the crypto-space is still a marginal one. Overall market capitalization is around USD 265 billion. Of this, approx. 177.5 billion USD are in Bitcoin investments. All Altcoins share a market share of “only” 33 %.
Altcoins gain ground
The Bitcoin Dominance Index falls to a value of 67.0% at the start of the week. Ethereum and Co. can record slight gains, while Bitcoin enters a small consolidation phase. In Ethereum (approx. + 3 %), decisive weeks are ahead. Phase 0 of “Ethereum 2.0” has already been postponed from the first to the second quarter of 2020. However, according to Vitalik Buterin, Ethereum friends will not have to wait much longer. A look back to January 2018 should give hope to the Altcoin sympathizers. At that time the dominance changed abruptly after Bitcoin climbed above the 20000 USD mark. As a result, the crypto space experienced an unforgettable bull run in which many coins celebrated an all-time high.
Cardano with strong performance
Cardano conjures up the best performance (of all Top 20 Coins) on the crypto parquet with a daily increase of 4.36 %. Ethereum continues to stay above the